One property acquired was the Tailor Lofts at 847 West Jackson Blvd. in Chicago. Located two blocks from the University of Illinois-Chicago, the 10-story building is an adaptive re-use project which will include 144 urban lofts, 10,000 sf of retail space and 6,800 sf of common space with parking. Including the acquisition price of $16 million, the total cost to complete the project, expected to be ready for occupancy in fall 2009, is $57 million.

"Place and Blue Vista are excited to have the opportunity to redevelop one of the city's class architectural structures into student housing and retail uses commensurate with the educational and cultural opportunities afforded," Place Properties national development partner Brent Little says in a released statement.

The second property acquired was the 901 Place in Charlotte, which serves students at the University of North Carolina and is valued at more than $19 million. Built in 2000, the property consists of 158 units and 576 beds in two- and four-bedroom apartments. Amenities include a resort-style pool with hot tub, a tanning bed, fitness center, computer lab, game room with pool tables, online gaming room and lighted tennis and basketball courts. "901 Place meets our stringent investment criterion of a high-barrier, high-growth market," Place Properties chief acquisition officer Bob Clark says in a prepared statement.